Pune-based Kinetic Group has set up a new company, Kinetic Ikaros Solar, to tap into the rapidly growing solar energy market. This will be a joint venture with Ikaros, a Belgian photovoltaic company that set up operations in India last year. Kinetic will have a 25 per cent stake in the company and Ikaros 51 per cent with the balance 24 per cent held by Intelex Electronics, a power electronics solutions company. The joint venture is a focused step by Kinetic and Ikaros in their journey towards providing sustainable energy solutions. The venture will combine the technological proficiency, domain knowledge of Ikaros and engineering expertise and local know-how of Kinetic in the Indian manufacturing and business space. "It will provide customised solutions for business clients offering turnkey PV systems, including the assurance of optimal yields once the system has been commissioned," a press note said.

The JV will cater to low capacity solar PV installations of 20 kWp to 1 MW focusing on residential and commercial rooftop installations used in educational institutes, industrial sheds, shopping malls, hotels and resorts, godowns and hospitals. It will also cater to EPC requirements of utility scale PV projects from 1 MW and above for developers under the National Solar Mission, state policies, large manufacturing facilities like steel, pharmaceuticals, automobiles, textiles, etc., and is also keen to develop solar farms under favourable tariffs.

Speaking on this occasion, Sulajja Firodia Motwani, Vice Chairperson, Kinetic Engineering Ltd and Director, Ikaros Kinetic Solar said, "Our objective is to create sustainable alternative solutions to the ever growing shortage of natural resources. There is a huge power deficit issue across India and we see it as an opportunity to fill this gap. Kinetic Group has keen interest in diversifying in businesses related to green energy and our JV with Ikaros is a step in that direction. We would like to leverage the Ikaros' global expertise, technical prowess and our relationships in the market to reduce the country's carbon footprint. We are confident of a long-lasting profitable ecological business."

Adding to this, Yves Devis, CEO & Founder, Ikaros Group and Director, Ikaros Kinetic Solar, said, "India is an emerging market with a strong need for alternative power solutions to address the growing demand. Ikaros is specialist in this field equipped with global experience and supply chain as well as engineering strength to provide end to end solutions from analysing the need, customised designing, procurement, installation, commissioning, operations and maintenance thereafter. Kinetic Engineering's philosophy of green energy synergies with our way of approach and their local market knowledge and relations will support and strengthen our business to grow in India. We aim to build our business in a sustainable manner in India, focusing on 15-20 MWp in initial years and aim to achieve installations of over 100 MW in the next five years to generate revenues of over Rs 600 crore, including self-development opportunities."